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Bangladesh Bank becomes member of IORWG
Bangladesh Bank (BB) has become a member of International Operational Risk Working Group (IORWG), a global platform for operational risk management of central banks and monetary and supervisory authorities.
Bangladesh's central bank is the latest (127th) member of IORWG, said a press release.
IORWG was formed in 2006 to promote operational risk management excellence and share knowledge and experience. The group's secretariat is located in Madrid, Spain.
An Enterprise Risk Management (ERM) unit was formed on August 29, 2024 to identify and assess operational, financial and cyber risks of Bangladesh Bank in light of the recommendations of the International Monetary Fund (IMF).
The newly formed unit took the initiative to acquire membership of IORWG last December with the approval of the Governor. Following that, Bangladesh Bank was included as a member of IORWG on 7 January 2025, reports BSS.
As per the IORWG charter, three officials including the director of the ERM unit have been nominated to represent Bangladesh Bank in the organization.
It may be noted that among the neighboring countries of Bangladesh, India, Nepal, Sri Lanka and Pakistan are already conducting their activities as members of IORWG.
Membership of IORWG will help Bangladesh Bank in formulating effective policies and strategies to address operational risk in light of international standards and best practices.